Asked by
raymond acchar
on Dec 12, 2024
Verified
Patent laws that allow the inventor to maintain monopoly rights to an invention increase the price of the product and
A) increase the profitability of inventive activities, thereby speeding up technological developments.
B) increase the profitability of inventive activities, thereby slowing down technological developments.
C) decrease the profitability of inventive activities, thereby speeding up technological developments.
D) decrease the profitability of inventive activities, thereby slowing down technological developments.
Patent Laws
Legal statutes that protect inventors by giving them exclusive rights to produce, use, and sell their inventions for a certain period of time.
Monopoly Rights
Exclusive rights granted to a single entity, allowing it to be the sole provider of a good or service without competition.
Technological Developments
Advancements and innovations in technology that affect productivity, efficiency, and economic growth.
- Explain the purpose and effects of patents, licensing, and regulatory barriers on competition and innovation.
- Analyze the economic implications of legal barriers such as patents and licenses on market entry and monopolistic practices.
Verified Answer
SB
Learning Objectives
- Explain the purpose and effects of patents, licensing, and regulatory barriers on competition and innovation.
- Analyze the economic implications of legal barriers such as patents and licenses on market entry and monopolistic practices.